Nesta’s Challenge Prize Centre has revealed 12 fintech companies who will participate in the final phase of the Open Up Challenge.
The challenge – a £2.5m prize fund backing the next generation of fintech for small businesses – is part of the Competition and Market Authority’s (CMA) package of remedies to shake up the UK retail banking market.
The challenge led a global search for talented teams building innovative products and services that will help small businesses save time and money.
The 12 finalists will each receive a £100,000 grant, special access to Open Banking data and support to bring their products to market.
Five or six of the finalists will go on to win a further £200,000 each at the end of the year.
The finalists are:
• Credit Data Research
• Funding Circle
• Funding Options
“We’ve put Open Banking at the heart of the action we’ve taken to shake up retail banking in the UK, remove barriers to competition and innovation, and enable small businesses to take control of their finances,” said Bill Roberts, head of Open Banking at the CMA.
“A new generation of products and services is now transforming this sector and the Open Up Challenge, led by Nesta, will further encourage innovation and drive improvement for the benefit of small businesses and their customers.”
John Glen, economic secretary to the Treasury, added: “I want to congratulate all of the innovative British fintechs that have come this far in the Nesta Open Up Challenge.
“The UK is leading the way in fintech and the challenge is yet another great example of our entrepreneurs and regulators coming together to tackle new challenges and revolutionise how people and businesses manage their money.”
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